Azerbaijan to purchase $ 26 mln-taxis from abroad

Azerbaijan to purchase $ 26 mln-taxis from abroad
# 04 March 2011 08:47 (UTC +04:00)
The company, which has struggled with falling sales and market share, said the deal was the single largest contract it had received for its London taxi.

The $27 million deal will see 1,000 TX4 London cabs supplied by Shanghai LTI -- Manganese Bronze’s joint venture partner with Chinese car manufacturer Geely Automobile Holdings -- to private Azerbaijani firm, the Baku Taxi Company, in 2011.

The Baku Taxi Company had been set up to develop a program originally announced by the Transport Ministry of Azerbaijan to introduce London cabs into Azerbaijan’s capital city, Baku.

Shares in Manganese Bronze, which had fallen from a high of 240 pence per share in June 2006, were up 49 percent to 55 pence at 1552 GMT (10:52 a.m. EST) on Thursday, valuing the business at around 17 million pounds.
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